◆ClearingPost

TARGET Instant Payment Settlement

TIPSACTIVE
Operator: Eurosystem (Banca d'Italia lead development)
Overseer: European Central Bank (ECB)
Legal basis: ECB Guideline on TARGET (ECB/2022/8)
Launched: Nov 30, 2018
9,562,614 daily avg (EUR 4,993,929 + SEK 3,027,258 + DKK 1,541,427, Jul 2026). Full-year 2025 EUR daily avg: 2,735,053 (+119.5% YoY). Dec 2025 EUR daily avg: 3,845,376; max daily: 5,759,570.
Daily Volume
Jul 31, 2026 · European Central Bank
EUR €6.8B, SEK 2.0B SEK, DKK 1.5B DKK daily avg (Jul 2026; EUR new all-time value high)
Daily Value
Jul 31, 2026 · European Central Bank
16,279 reachable BICs covering 3,646 distinct financial institutions (EUR)
Participants
Sep 1, 2026 · ECB list of TIPS direct participants and reachable parties – EUR
Yearly Growth
·
Quick reference: View technical card →
Executive Summary

Iceland's Seðlabanki Íslands signed agreement with ECB on June 24, 2026, for ISK to join TIPS in 2028, becoming the fifth settlement currency (after EUR, SEK, DKK, and NOK)

How It Works
Settlement Model
Real-Time Gross Settlement (individual transaction settlement)
Message Standard
ISO 20022 — pacs.008 (routed from CSMs or direct participants)
Max Transaction
€999,999,999.99 at scheme level (EPC 2025 SCT Inst Rulebook v1.0, effective 5 October 2025). The ECB TIPS facts page states no upper limit at platform level.
Clearing Mechanism
Direct settlement — TIPS is itself the settlement mechanism. No separate clearing layer.
Settlement Cycle
Continuous 24/7/365 — no batch windows, no cut-off times
Message Flow
An instant payment instruction arrives at TIPS either directly from a participant or via a CSM (RT1, STEP2-T, or national systems). TIPS checks the sender's Dedicated Cash Account (DCA) for sufficient funds. If available, the sender's DCA is debited and the receiver's DCA is credited simultaneously with immediate finality. The entire process targets under 10 seconds end-to-end. Liquidity is managed by transferring funds between the DCA and the participant's Main Cash Account in T2.
Typical Use Cases
Settlement of SEPA Instant Credit Transfers, multi-currency instant settlement (EUR, SEK, DKK), future cross-border instant payment corridors
Key Data
Daily Volume
9,562,614 daily avg (EUR 4,993,929 + SEK 3,027,258 + DKK 1,541,427, Jul 2026). Full-year 2025 EUR daily avg: 2,735,053 (+119.5% YoY). Dec 2025 EUR daily avg: 3,845,376; max daily: 5,759,570.
As of Jul 31, 2026 · European Central Bank
Daily Value
EUR €6.8B, SEK 2.0B SEK, DKK 1.5B DKK daily avg (Jul 2026; EUR new all-time value high)
As of Jul 31, 2026 · European Central Bank
Participants
16,279 reachable BICs covering 3,646 distinct financial institutions (EUR)
As of Sep 1, 2026 · ECB list of TIPS direct participants and reachable parties – EUR
Yearly Growth
As of ·
Participants & Access
Membership Requirements
Credit institutions with Eurosystem counterparty status. Also accessible via instructing parties (CSMs like RT1, STEP2-T). Non-euro NCBs may join for their domestic currency.
Governance & Risk
Governance Model
Part of the TARGET platform, governed by ECB Guideline. Banca d'Italia led initial development. Multi-currency governance involves non-euro NCBs (Riksbank for SEK, Danmarks Nationalbank for DKK).
Concentration Risk
TIPS is becoming the dominant instant settlement infrastructure as the ECB promotes central bank money settlement. However, RT1 and STEP2-T provide CSM-level alternatives for clearing, maintaining some competition.
Resilience & Business Continuity
Eurosystem infrastructure with dual-site architecture. 24/7 operations centre. Target availability: 99.99%. Fallback to standard SCT if instant path fails.
Dispute Resolution
TARGET compensation scheme applies. Operational disputes follow ECB procedures.
Pricing
ECB pricing for TIPS is designed to encourage adoption of central bank money settlement for instant payments.
Transaction fee: €0.002 per transaction
Source: European Central Bank
Connectivity
settles
SEPA Inst
TIPS settles SCT Inst transactions in central bank money
liquidity from
T2 / TARGET
Dedicated Cash Accounts funded from T2 Main Cash Accounts
interlinks with
RT1
RT1 routes transactions to TIPS for central bank money settlement
settles
RIX-INST
TIPS settles Swedish instant payments (SEK) via RIX-INST
Peer Comparison
TIPS is unique as a multi-currency instant settlement system in central bank money. FedNow settles in Fed funds (central bank money) but is USD-only. UK Faster Payments settles in commercial bank money via prefunding. TIPS's €0.002 per-transaction pricing significantly undercuts private CSMs.
FedNow
FPS · United States · Federal Reserve
Faster Payments
FPS · United Kingdom · Pay.UK
Compare in detail →
Regulatory Framework
DelayedNov 14, 2026
SWIFT CBPR+ structured address mandate
SWIFT mandates structured postal addresses in all CBPR+ ISO 20022 messages. Unstructured address fields will no longer be accepted for cross-border payments. Financial institutions must ensure all counterparty address data is structured. Industry reports suggest ~44% of banks are behind schedule for Nov 2026 deadlines.
indicative dateDec 31, 2026
Digital euro preparation phase
ECB preparation phase for digital euro with concrete pilot timeline disclosed March 2026. Regulation proposed June 2023; Council mandate adopted December 19, 2025; European Parliament negotiating position adopted July 9, 2026; trilogues under way since July 13, 2026, with the Irish Council Presidency scheduling further political trilogues for September 10 and September 30, 2026, and political agreement targeted before end-2026. Pilot launch planned H2 2027 on TIPS infrastructure, with potential first issuance by 2029. Pontes DLT wholesale settlement launching Q3 2026.
Timeline
Stored date Nov 14, 2026; precision not reviewed
TIPS maintenance schedule updated maintenance window recorded
2026-11-14. Recorded by ClearingPost on 2026-09-03.
Source
Stored date Nov 14, 2026; precision not reviewed
TIPS maintenance schedule updated maintenance window recorded
As of 2026-09-03, per ECB 'Main Milestones TIPS Release R2026.NOV' (published 14/11/2025): Start of deployment of TIPS Release R2026.NOV to Production 09/11/2026 (precise deployment slot to be provided in due time); TIPS Release R2026.NOV is live in…
Source
Stored date Nov 9, 2026; precision not reviewed
TIPS maintenance schedule updated maintenance window recorded
Includes TIPS-0097-SYS (ISO Maintenance Release 2025 message version updates) and TIPS-0080-SYS (R-only transactions BIC functionality for exceptional scenarios such as mergers). Western Balkan countries (except Serbia) onboarded to TIPS..
Source
Stored date Nov 9, 2026; precision not reviewed
TIPS maintenance schedule updated maintenance window recorded
ECB R2026.NOV milestones: deployment to production begins Oct 28, production go-live Nov 9. T2S/CEU co-deployed same weekend Nov 14-15 for BD Nov 16.. Recorded by ClearingPost on 2026-08-25.
Source
Stored date Sep 4, 2026; precision not reviewed
TIPS maintenance schedule updated maintenance window recorded
2026-11-28. Recorded by ClearingPost on 2026-09-08.
Source
Stored date Sep 4, 2026; precision not reviewed
TIPS maintenance schedule updated maintenance window recorded
TIPS R2026.NOV release deployment, shifted by the Eurosystem from 14 November 2026 to 28 November 2026.
Source
Stored date Sep 4, 2026; precision not reviewed
TIPS maintenance schedule updated maintenance window recorded
As of 2026-09-08, per ECB MIP News of 4 September 2026: 'The Eurosystem has decided to proceed with the planned November 2026 releases for its TARGET Services, shifting their deployment from 14 November 2026 to 28 November 2026.' The item names T2, T2S, TIPS…
Source
Stored date Sep 4, 2026; precision not reviewed
TIPS tracker: 2026-11-28 timeline updated
2026-11-28. Recorded by ClearingPost on 2026-09-16.
Source
Stored date Sep 1, 2026; precision not reviewed
TIPS participant count updated
TIPS participant count changed from 123 direct participants; 9,133 reachable parties (EUR, ECB facts page, last updated August 3, 2026) to 123 direct participants and 9,133 reachable parties (ECB facts page, August 3, 2026); ECB participants and reachable…
Source
Stored date Sep 1, 2026; precision not reviewed
TIPS participant count recorded
TIPS participant count recorded as 16,279 BICs on the ECB TIPS participants and reachable parties list (EUR) (as of 2026-09-01). First structured value captured by ClearingPost on 2026-09-05.
Source
Stored date Sep 1, 2026; precision not reviewed
TIPS subsystem record increased to 16,279 reachable BICs covering 3,646 distinct financial institutions (EUR)
TIPS subsystem record changed from 14,884 reachable parties; 323 DCAs, 12 ASTAs (euro); 341 total DCAs+ASTAs (EUR+SEK, Dec 2024) (as of 2024-12-31) to 16,279 reachable BICs covering 3,646 distinct financial institutions (EUR) (as of 2026-09-01).
Source
Stored date Aug 3, 2026; precision not reviewed
TIPS participant count updated
TIPS participant count changed from 123 direct participants; 9,133 reachable parties (EUR, ECB facts page, April 2026) to 123 direct participants; 9,133 reachable parties (EUR, ECB facts page, last updated August 3, 2026).
Source
Stored date Jul 31, 2026; precision not reviewed
TIPS average daily transactions updated
TIPS average daily transactions changed from Jun 2026 multi-currency daily avg: EUR 5,183,793, SEK 3,491,216, DKK 1,866,027 (ECB Table 1; total 10,541,036; EUR new all-time monthly high, +40% MoM from May) to Jul 2026 multi-currency daily avg: EUR 4,993,929,…
Source
Stored date Jul 31, 2026; precision not reviewed
TIPS average daily value updated
TIPS average daily value changed from Jun 2026 multi-currency daily avg values: EUR €6.5B, SEK 2.2B SEK, DKK 1.7B DKK (ECB Table 2; EUR new all-time high) to Jul 2026 multi-currency daily avg values: EUR €6.8B, SEK 2.0B SEK, DKK 1.5B DKK (ECB Table 2; EUR new…
Source
Stored date Jul 31, 2026; precision not reviewed
TIPS subsystem record updated
TIPS subsystem record changed from 10,541,036 daily avg (EUR 5,183,793 + SEK 3,491,216 + DKK 1,866,027, Jun 2026; EUR is new all-time monthly high). Full-year 2025 EUR daily avg: 2,735,053 (+110.8% YoY).
Source
Stored date Jul 31, 2026; precision not reviewed
TIPS subsystem record updated to EUR €6.8B, SEK 2.0B SEK, DKK 1.5B DKK daily avg (Jul 2026; EUR new all-time value high)
TIPS subsystem record changed from EUR €6.5B, SEK 2.2B SEK, DKK 1.7B DKK daily avg (Jun 2026; EUR new all-time high) (as of 2026-06-30) to EUR €6.8B, SEK 2.0B SEK, DKK 1.5B DKK daily avg (Jul 2026; EUR new all-time value high) (as of 2026-07-31).
Source
Stored date Jul 31, 2026; precision not reviewed
TIPS daily transaction volume increased to 9,562,614 transactions daily average (EUR 4,993,929 + SEK 3,027,258 + DKK 1,541,427)
TIPS daily transaction volume changed from 3,681,650 transactions (as of 2024-12-31) to 9,562,614 transactions daily average (EUR 4,993,929 + SEK 3,027,258 + DKK 1,541,427) (as of 2026-07-31). Recorded by ClearingPost on 2026-09-08.
Source
Stored date Jul 31, 2026; precision not reviewed
TIPS daily transaction value updated to EUR €6.8 billion, SEK 2.0 billion SEK, DKK 1.5 billion DKK daily average
TIPS daily transaction value changed from €0.88 billion (as of 2024-12-31) to EUR €6.8 billion, SEK 2.0 billion SEK, DKK 1.5 billion DKK daily average (as of 2026-07-31). Recorded by ClearingPost on 2026-09-08.
Source
Stored date Jul 31, 2026; precision not reviewed
TIPS headline volume updated to 9.56M TX/day multi-currency daily avg (Jul 2026)
TIPS headline volume changed from Growing rapidly (mandatory from Oct 2025) to 9.56M TX/day multi-currency daily avg (Jul 2026). Recorded by ClearingPost on 2026-09-08.
Source
Stored date May 28, 2026; precision not reviewed
TIPS maintenance schedule updated maintenance window recorded
Deployment of TIPS Release R2027.JUN to production starts on 7 June 2027. The release is live in production on 11 June 2027. User testing runs from 2 April 2027 to 23 May 2027. The MIB approves deployment to production on 26 May 2027.
Source
Stored date Apr 1, 2026; precision not reviewed
TIPS participant count updated to 123 direct participants; 9,133 reachable parties (EUR, ECB facts page, April 2026)
TIPS participant count changed from 123 direct participants, 9,133 reachable parties (euro, TIPS facts page, April 1, 2026); 323 DCAs, 12 ASTAs (end-2024 Annual Report; one institution may hold multiple DCAs); 14,884 reachable parties (end-2024 Annual…
Source
Stored date Dec 31, 2025; precision not reviewed
TIPS subsystem record recorded
TIPS subsystem record recorded as +82.5% total transactions (2025 vs 2024; 2.47B vs 1.35B instant payments). First structured value captured by ClearingPost on 2026-08-24.
Source
Stored date Dec 31, 2025; precision not reviewed
TIPS subsystem record updated
TIPS subsystem record changed from 9,562,614 daily avg (EUR 4,993,929 + SEK 3,027,258 + DKK 1,541,427, Jul 2026). Full-year 2025 EUR daily avg: 2,735,053 (+110.8% YoY). Dec 2025 EUR daily avg: 3,845,376; max daily: 5,759,570.
Source
Stored date Dec 31, 2025; precision not reviewed
TIPS subsystem record updated
TIPS subsystem record changed from +82.5% total transactions (2025 vs 2024; 2.47B vs 1.35B instant payments) to +82.5% total (2.47B vs 1.35B, 2025 vs 2024); EUR +119.5% (998M txns, €792.8B); SEK 1.05B txns; DKK 421M txns.
Source
Date not specified
TIPS subsystem record updated
TIPS subsystem record updated.
Source
Date not specified
TIPS maintenance maintenance window recorded
TIPS maintenance maintenance window recorded.
Source
Date not specified
TIPS maintenance: TIPS R2027.JUN release live in production maintenance window recorded
TIPS R2027.JUN release live in production — 2027-06-11 (informational). Recorded by ClearingPost on 2026-09-22.
Source
Date not specified
TIPS subsystem record updated
TIPS subsystem record changed from €999,999,999.99 (per EPC 2025 SCT Inst Rulebook v1.0, effective October 5, 2025; previously €100,000) to €999,999,999.99 at scheme level (EPC 2025 SCT Inst Rulebook v1.0, effective 5 October 2025).
Source
Intelligence (29)
NewsSep 26, 2026Headline names “TIPS”
ECB Governing Council Clears Assessment of a TIPS Link to Brazil's Pix
The Eurosystem's plan to reach Brazil now joins its other instant-payment interlinking projects: membership of Nexus Global Payments, a bilateral link to India's Unified Payments Interface, and a bilateral link to the Swiss Interbank Clearing Instant Payments system, all named by the ECB in the same notice.
Operator source · European Central Bank
NewsSep 8, 2026Summary names “TIPS”
Eurosystem Shifts November 2026 TARGET Services Deployment to 28 November
A two-week postponement pushes the T2, T2S, TIPS and ECMS release weekend to the end of November 2026 while leaving the planned functional scope of the releases unchanged.
Operator source · European Central Bank
NewsSep 8, 2026Headline names “TIPS”
ECB Confirms Preliminary Investigation Into Linking TIPS With Brazil's Pix
Brazil's instant payment system has entered a formal Eurosystem assessment as a candidate for a central bank-to-central bank cross-border connection. The review covers legal, technical, security and operational questions and is due to close this month, ahead of a reported four-stage path that would reach a working trial in mid-2028.
External source · Finextra
NewsJul 20, 2026Headline names “TIPS”
TIPS Euro Volumes Exceed Five Million Daily Average for First Time in June
The Eurosystem's instant settlement platform reached record euro processing levels in June 2026, with both transaction counts and settlement values hitting all-time monthly highs according to ECB data.
Operator source · ECB TARGET Services Table 1
AnalysisJun 30, 2026Headline names “TIPS”
Bulgaria Retires BISERA6 and Blink as Euro Adoption Shifts Payment Traffic to TARGET and TIPS
Bulgaria's accession to the eurozone on January 1, 2026 retired its domestic RTGS, batch clearing, and instant payment systems. All payment traffic now settles through the Eurosystem's T2, STEP2, and TIPS platforms.
External source · European Payments Council
NewsJun 25, 2026Summary names “TIPS”
SWIFT Ends IPLA and SIL Support on June 30, Affecting T2 and CHAPS Connectivity
Red Hat's decision to end support for Fuse, the open-source integration framework underpinning SIL, is the primary trigger. IPLA and SIL cannot fully support ISO 20022's structured data requirements that T2, CHAPS, and TIPS now mandate.
External source · Aqua Global
NewsJun 25, 2026Headline names “TIPS”
Iceland Signs TIPS Agreement, Adding ISK as Fifth Currency from 2028
Iceland's central bank committed to joining the Eurosystem's instant payment settlement platform after nearly two years of assessment. The Icelandic krona will be the fifth currency to settle through TIPS when it goes live in 2028, alongside planned Norwegian krone onboarding the same year.
External source · Banque de France
NewsJun 17, 2026Headline names “TIPS”
TIPS Cross-Currency Service Goes Live for EUR, DKK, and SEK Instant Settlements
The technical infrastructure was deployed in October 2025 and underwent testing before the formal activation. Payment service providers already participating in TIPS, TIPS-DKK, or RIX-INST can access the service through their national central bank.
Operator source · European Central Bank
AnalysisJun 15, 2026Headline names “TIPS”
TIPS Crosses Ten Million Daily Transactions as Danish Krone Volumes Surge
TIPS averaged 10.8 million instant payment transactions per day in April 2026, exceeding ten million for the first time. Danish krone settlements surged 52 percent month-on-month, driving the multi-currency platform past the milestone.
Operator source · European Central Bank — TARGET Statistics Table 1
NewsJun 13, 2026Summary names “TIPS”
ECB Governing Council Approves Weekend Settlement Windows for T2 Liquidity Management
The Eurosystem will introduce short T2 settlement windows during most weekends within two years, addressing the liquidity management gap created by TIPS operating around the clock while T2 remains closed on weekends and holidays.
Operator source · European Central Bank (Governing Council Decisions)
View all →
Wider coverage that mentions TIPS (16)

These articles mention TIPS in their text but not in their headline or summary, so they are listed as context rather than as TIPS intelligence.

Jun 6, 2026Text mentions “TIPS”
Eurosystem Commits to Weekend Settlement Windows for T2 Within Two Years
Operator source · ECB Market Infrastructure and Payments
Jun 4, 2026Text mentions “TIPS”
ECB Excess Reserves Remuneration at Deposit Facility Rate Takes Effect June 17
Operator source · European Central Bank
May 29, 2026Text mentions “TIPS”
Digital Euro Legal Tender Status Draws Competition Warning from EPI as EU Targets Year-End Legislation
External source · Euronews
May 27, 2026Text mentions “TIPS”
European Commission Opens MiCA Review Consultation, Reassessing Stablecoin Interest Ban
External source · CoinTelegraph
May 26, 2026Text mentions “TIPS”
Bizum's NFC Launch Puts SEPA Instant Credit Transfers at the Spanish Point of Sale
External source · Banco de España
May 18, 2026Text mentions “TIPS”
TARGET's ISO 20022 Message Unfreeze Begins With R2026.JUN Deployment in June
Operator source · ECB
Apr 27, 2026Text mentions “TIPS”
Wero's Autumn 2026 NFC Payments Will Use Card Rails, Not SEPA Instant
External source · BPCE Group Newsroom
Apr 1, 2026Text mentions “TIPS”
Eurosystem Publishes Comprehensive Payments Strategy, Pontes DLT Settlement Set for Q3 2026
Operator source · European Central Bank
Mar 28, 2026Text mentions “TIPS”
Euro Area Instant Credit Transfer Share Reaches 23 Percent as Sending Mandate Reshapes Volumes
Operator source · European Central Bank
Mar 24, 2026Text mentions “TIPS”
Verification of Payee Reaches 2,700 PSPs Six Months After Europe's Mandatory Rollout
External source · European Payments Council
Reference Documents (2)
TARGET Operating Schedule
ECB · operating_schedule · v2026 · Jan 1, 2026
CBPR+ Roadmap Beyond November 2025External reference · SWIFT
SWIFT · regulatory_text · vJune 2026
The document record does not show the TIPS operator as its publisher and does not name TIPS, so its dates are not shown as TIPS dates.
2 versions tracked
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